Madrigal Pharmaceuticals (MDGL) Hits New 12-Month High Following Analyst Upgrade

Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) hit a new 52-week high during trading on Wednesday after HC Wainwright raised their price target on the stock from $54.00 to $105.00. HC Wainwright currently has a buy rating on the stock. Madrigal Pharmaceuticals traded as high as $80.71 and last traded at $46.30, with a volume of 86700 shares trading hands. The stock had previously closed at $47.98.

Several other analysts have also recently commented on MDGL. Evercore ISI initiated coverage on shares of Madrigal Pharmaceuticals in a research report on Friday, September 22nd. They set an “outperform” rating and a $65.00 target price for the company. JMP Securities upped their target price on shares of Madrigal Pharmaceuticals from $40.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 13th. Finally, Roth Capital initiated coverage on shares of Madrigal Pharmaceuticals in a research report on Thursday, October 19th. They set a “buy” rating and a $62.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Madrigal Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $78.75.

Several institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC raised its position in shares of Madrigal Pharmaceuticals by 0.7% during the 1st quarter. Renaissance Technologies LLC now owns 57,875 shares of the biopharmaceutical company’s stock valued at $891,000 after acquiring an additional 400 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at $2,274,000. Northern Trust Corp grew its holdings in shares of Madrigal Pharmaceuticals by 151.2% in the 2nd quarter. Northern Trust Corp now owns 50,069 shares of the biopharmaceutical company’s stock valued at $814,000 after buying an additional 30,134 shares during the period. State Street Corp acquired a new position in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at $539,000. Finally, VHCP Management II LLC acquired a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at $1,349,000. Institutional investors own 21.40% of the company’s stock.

Madrigal Pharmaceuticals (NASDAQ:MDGL) last announced its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.68) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.11. research analysts expect that Madrigal Pharmaceuticals, Inc. will post -2.57 earnings per share for the current year.

ILLEGAL ACTIVITY WARNING: This story was originally posted by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are accessing this story on another publication, it was copied illegally and reposted in violation of United States and international copyright and trademark legislation. The legal version of this story can be accessed at https://www.chaffeybreeze.com/2017/12/06/madrigal-pharmaceuticals-mdgl-hits-new-12-month-high-following-analyst-upgrade.html.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).

Receive News & Ratings for Madrigal Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Madrigal Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply